NRG board open to Exelon deal at fair exchange rate

SAN FRANCISCO (MarketWatch) -- NRG Energy Inc.
NRG, -1.64%
said on Thursday its management and board are open to considering a deal with Exelon
EXC, -1.39%
at a fair exchange rate and on reasonable terms but the current Exelon offer is still not acceptable. The comments follow an announcement from Exelon earlier that NRG Energy shareholders have tendered 125.4 million shares of common stock, which represented over 51% of the outstanding shares of NRG. Exelon also extended the offer to buy NRG shares to June 26. In October, Exelon proposed to buy all outstanding shares of NRG common stock at a fixed exchange ratio of 0.485 of a share of Exelon common stock for each NRG common share. NRG twice rejected the Exelon offer and Exelon then brought its exchange offer directly to NRG shareholders in November.

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